New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Empowering Women at MasTec: 4 Essential Retirement Strategies to Consider

Healthcare Provider Update: MasTec, a leading provider in construction and engineering services, primarily utilizes Aetna as its healthcare provider for employee health plans. Looking ahead to 2026, MasTec employees may face significant healthcare cost increases. With expected sharp hikes in health insurance premiums, especially in states like New York where proposals suggest increases of up to 66%, employees should be prepared. The termination of enhanced federal ACA premium subsidies could exacerbate the situation, potentially leading to a staggering 75% increase in out-of-pocket costs for many. As employers navigate these challenges, it is likely that benefit adjustments, including higher deductibles and out-of-pocket maximums, may become commonplace to offset rising expenses. Click here to learn more

Preparing for retirement at MasTec can look a little different for women than it does for men. Although stereotypes are changing, women are still more likely to serve as caretakers than men are, meaning they may accumulate less income and benefits due to their time absent from the workforce. Research shows that 31% of women are currently or have been caregivers during their careers. Women who are working also tend to put less money aside for retirement. According to one report, women contribute 30% less to their retirement accounts than men.

These numbers may seem overwhelming, but you don’t have to be a statistic. With a little foresight, you can start taking steps now, which may help you in the long run. Here are three steps to consider that may put MasTec employees ahead of the curve.

Talk about money. Nowadays, discussing money is less taboo than it’s been in the past, and it’s crucial to take control of your financial future. If you’re single, consider writing down your retirement goals and keeping them readily accessible. If you have a partner, make sure you are both on the same page regarding your retirement goals. The more comfortably you can talk about your future, the more confident you may be to make important decisions when they come up.
Be proactive about your retirement after MasTec. Do you have clear, defined goals for what you want your retirement to look like? And do you know where your MasTec retirement accounts stand today? Being proactive with your MasTec retirement accounts allows you to create a goal-oriented roadmap. It may also help to adapt when necessary and continue their journey regardless of things like relationship status or market fluctuations.

Make room for your future in your budget. Adjust your budget to allow for retirement savings, just as you would for a new home or your dream vacation. Like any of your other financial goals, you may find it beneficial to review your retirement goals on a regular basis to make sure you’re on track.

Retirement may look a little different for women, but with the right strategies – and support – you’ll be able to live the retirement you’ve always dreamed of.

Transamerica.com, 2021

GAO.gov, 2021

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What type of retirement plan does MasTec offer to its employees?

MasTec offers a 401(k) retirement savings plan to help employees save for their future.

Does MasTec provide a company match for contributions made to the 401(k) plan?

Yes, MasTec provides a company match on employee contributions to the 401(k) plan, subject to specific limits.

At what age can MasTec employees start participating in the 401(k) plan?

MasTec employees can typically start participating in the 401(k) plan as soon as they meet eligibility requirements, usually upon hire.

What investment options are available in MasTec's 401(k) plan?

MasTec's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, to suit different risk tolerances.

How can MasTec employees enroll in the 401(k) plan?

MasTec employees can enroll in the 401(k) plan through the company’s benefits portal or by contacting the HR department for assistance.

Is there a minimum contribution amount required for MasTec's 401(k) plan?

MasTec may have a minimum contribution amount, which employees should verify in the plan documents or by contacting HR.

Can MasTec employees change their contribution percentage at any time?

Yes, MasTec employees can change their contribution percentage at any time, subject to the plan's rules and guidelines.

What happens to MasTec employees' 401(k) savings if they leave the company?

If MasTec employees leave the company, they can roll over their 401(k) savings to another retirement account or withdraw the funds, subject to tax implications.

Does MasTec offer loans against the 401(k) plan?

Yes, MasTec's 401(k) plan may allow employees to take loans against their savings, subject to specific terms and conditions.

Are there any fees associated with MasTec's 401(k) plan?

Yes, there may be administrative fees and investment-related fees associated with MasTec's 401(k) plan, which employees should review in the plan documents.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Name of Plan: MasTec, Inc. Pension Plan Years of Service and Age Qualification: Employees are generally eligible for the pension plan after completing 5 years of service and reaching the age of 65. For early retirement, employees can start receiving benefits at age 55 with 10 years of service. Pension Formula: The pension benefit is calculated based on a formula that considers the number of years of service and average salary over a specified period, usually the highest-paid years. Name of Plan: MasTec, Inc. 401(k) Plan Eligibility: Employees are eligible to participate in the 401(k) plan upon completion of 30 days of service. Company Contributions: MasTec offers a matching contribution up to a certain percentage of the employee’s contribution.

Restructuring and Layoffs: MasTec announced a restructuring plan in early 2024 aimed at streamlining operations and reducing overhead costs. This plan included a reduction of around 8% of their workforce, particularly targeting roles that overlap in their newly consolidated departments. The company cited the need to adapt to changing market conditions and improve efficiency as primary reasons for this move. It is crucial to monitor these developments due to the current economic climate, which affects labor markets and corporate stability. Restructuring can impact not just the employees but also investors and the broader economy. Benefit Changes: Alongside the layoffs, MasTec has revised its employee benefits structure. The company has introduced a more flexible benefits package, including adjustments to health insurance premiums and modifications to retirement plan contributions. These changes are in response to evolving market demands and cost-management strategies. Staying informed about these adjustments is essential given the broader economic and political context, as such changes can influence employee satisfaction and retention, and reflect broader trends in corporate benefit management.

MasTec provides stock options and RSUs to employees as part of their compensation package. Stock options are often granted to executives and key employees, while RSUs are typically awarded based on performance and tenure. In 2022, MasTec's stock options and RSUs aimed to align employee interests with company performance.

Employee Benefits Overview: MasTec provides a comprehensive benefits package which typically includes medical, dental, and vision coverage, among other options. Healthcare Plans: They offer multiple health plan options including PPO (Preferred Provider Organization) and HDHP (High Deductible Health Plan) with HSA (Health Savings Account) compatibility. Wellness Programs: MasTec includes wellness programs and resources to support employees' physical and mental health.